| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 55th | Good |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4240 The Plz, Charlotte, NC, 28205, US |
| Region / Metro | Charlotte |
| Year of Construction | 1985 |
| Units | 24 |
| Transaction Date | 2021-07-29 |
| Transaction Price | $1,900,000 |
| Buyer | STARNES COMMERCIAL PROPERTIES LLC |
| Seller | J B STEGALL PROPERTIES INC |
4240 The Plz Charlotte Multifamily Investment Opportunity
Neighborhood occupancy is steady and renter demand is reinforced by a high renter-occupied share in the immediate area, according to WDSuite’s CRE market data. Proximity to major Charlotte employers supports leasing durability for a 24-unit asset built in 1985.
The property sits in an Inner Suburb of Charlotte with an A- neighborhood rating (ranked 118 out of 709 metro neighborhoods), competitive among Charlotte neighborhoods. Local convenience is strong where it matters for renters: restaurants and groceries index well above metro medians (restaurant density ranks 29 of 709; grocery density 38 of 709), while pharmacies also score well. By contrast, parks and cafes are limited within the neighborhood footprint, so on-site amenities and nearby private fitness or recreation options may carry more weight in leasing decisions.
The asset’s 1985 vintage is newer than the neighborhood’s average construction year (1964). That relative youth can support competitiveness versus older stock, though investors should plan for selective modernization of systems and interiors to meet current renter expectations.
For rental fundamentals, neighborhood occupancy is 91.1% with modest improvement in recent periods; reference this as neighborhood-level occupancy, not the property. Renter-occupied housing is elevated (ranked 146 of 709; top quartile nationally), signaling a deep tenant base and potential demand stability for smaller unit counts. Within a 3-mile radius, demographics show population growth and a notable increase in households, pointing to renter pool expansion and potential support for occupancy and lease-up. Median contract rents in the neighborhood sit near national midrange, which can aid leasing velocity for efficiently sized units.
Ownership costs in the neighborhood are comparatively high (median home value ranks 73 of 709; high national percentile), and the value-to-income ratio ranks 24 of 709. In a high-cost ownership market, multifamily can sustain demand and retention as households rely more on rental options. These dynamics, combined with strong daily-needs access, present a practical setup for investors focused on resident convenience and steady absorption, based on WDSuite’s multifamily property research.
Safety indicators are mixed and should be evaluated carefully. The neighborhood’s crime rank is 541 out of 709 metro neighborhoods, which is below the metro average and places it in a weaker position nationally. Recent trend data show property offenses declining year over year, while violent offenses increased over the same period. Investors may wish to underwrite to enhanced security measures and emphasize lighting, access control, and community engagement, and compare trends against nearby Charlotte submarkets for context.
All figures reflect neighborhood-level comparisons, not the property. Use multi-year trend reviews and corroborating local sources when finalizing assumptions, as safety conditions can vary by block and over time.
Proximity to Uptown Charlotte anchors a diverse employment base that supports renter demand through short commutes and broad industry exposure. Nearby employers include banking, utilities, automotive retail, technology, and pharmaceuticals — all within roughly six miles.
- Bank of America Corp. — banking (3.7 miles) — HQ
- Duke Energy — utilities (4.1 miles) — HQ
- Sonic Automotive — automotive retail (5.0 miles) — HQ
- Cisco Systems — technology (5.0 miles)
- Merck — pharmaceuticals (5.9 miles)
4240 The Plz offers investors exposure to an Inner Suburb location with strong daily-needs access and a renter-heavy housing base. The 1985 vintage positions the asset newer than much of the surrounding stock, suggesting relative competitiveness with value-add upside through focused renovations. Neighborhood occupancy is stable, and elevated renter-occupied share indicates depth in the tenant pool. High ownership costs in the immediate area further reinforce reliance on multifamily housing, supporting retention and pricing power through cycles, based on CRE market data from WDSuite.
The property’s compact average unit size (~325 sf) can play to affordability and lease-up efficiency if managed with smart amenity trade-offs. Nearby Fortune 500 anchors offer a diversified employment base within a short radius, supporting demand across cycles. Key underwriting considerations include safety variability, the need for modernization, and measured expectations on rent growth relative to regional supply pipelines.
- Newer-than-area vintage (1985) supports competitive positioning versus older neighborhood stock, with targeted value-add potential.
- Renter-heavy neighborhood and stable occupancy underpin demand depth and leasing durability.
- High local ownership costs reinforce reliance on rentals, aiding retention and pricing power.
- Proximity to major employers (banking, utilities, automotive, tech, pharma) supports steady tenant inflow.
- Risks: safety volatility, limited park access, and capex for modernization should be reflected in underwriting.